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Investing.com -- Yields on British 30-year government bonds surged to their highest levels since 1998 on Wednesday.
At 08:22 GMT, yields on ten-year gilts rose 6 basis points to 4.67%. They were seen trading as high as 4.69% earlier in the morning.
This increase was influenced by a sharp rise in 30-year U.S. Treasury yields, which were driven up by U.S. President Donald Trump's decision to impose 104% tariffs on China.
The yield on the 30-year British gilt reached 5.507% in the morning, marking an increase of 16 basis points on the day, before settling at around 5.48%. This pushed it past the previous multi-decade high of 5.472% that was set in January.
Futures pricing for interest rates indicates an expectation of 85 basis points in rate cuts by the Bank of England this year.
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